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July 07, 2011

Military Regime leases govt cars through a bank loan

As pensioners and owners of the superannuation fund, the FNPF, wait in vain about the outcomes to the proposed reforms, the illegal and treasonous military regime see's fit to throw $10mill away on cars.

The clincher is that they are splurging on non-essentials and leasing vehicles utilizing muslim links via a commercial bank loan that taxpayers (who know not the interest rates that will be charged) will ultimately have to make good on.

People in rural areas can expect better Government services after a three party agreement between a commercial bank, Government and a corporate organization.

This is after a new $10 million lease agreement was signed last night between Government, Bank of the South Pacific and Asco Motors which will see government leasing vehicles from ASCO Motors - financed by BSP.

Acting Finance Minister Aiyaz Sayed-Khaiyum said these 132 vehicles will be supplied to the government over a period of time and will be allocated to the various ministries however the focus will be on Police, Health and the Agriculture Ministry.

He added if government purchased these vehicles then they would have had to pay $10 million but with the leasing agreement the $10 million will be paid over a period of 4 years.

BSP Fiji Head Kevin McCarthy said the agreement sees Government pay monthly installments.

BSP said the interest rate will not be disclosed as it is a confidential matter.

4 comments:

no dinau
said...

When you start to lease assets it could mean you are very low on cash and facing severe liquidity crisis. If BSP and Asco want to play Russian roulette with their money, it is ok with the tax payers because whatever happens the people of Fiji will not be liable for the regimes debts after they are overthrown.